Bitcoin and other cryptocurrencies were higher on Wednesday after President Joe Biden announced his highly-anticipated executive order on digital assets that appeared to take a supportive stance toward the industry.

Bitcoin was trading at $42,118.73, around 8% higher as of 6:30 a.m. ET, according to data from CoinDesk. Other cryptocurrencies including ether were also sharply higher.

But the initial spike in prices came ahead of the executive order announcement. The rally began just after 6 p.m. ET Tuesday after the Treasury published details and a statement online in response to the upcoming executive order from the U.S. president on cryptocurrencies. The statement from Treasury Secretary Janet Yellen was unpublished shortly after. Yellen’s statement was then published again on Wednesday.